Orchids Paper Stalking Horse Loses Ch. 11 Bid Protections
Law360, Wilmington (May 10, 2019, 8:30 PM EDT) -- Bankrupt Orchids Paper Products Co.'s private equity-backed lender and stalking horse bidder saw its more than $7 million in bid protections evaporate Friday after a Delaware bankruptcy judge agreed with the U.S. Trustee's Office's and unsecured creditors' positions that they were unnecessary.
At a lengthy hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath said that a proposal to reimburse stalking horse bidder Orchids Investment LLC $2 million for expenses in connection with its $175 million credit bid offer to purchase Orchids Paper's assets is simply not needed as some of the lender's fees are already set to be paid under...
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